Using euro conversion as the trigger, we examine what drives volume and spread changes when stock exchanges compete … characteristics, exchange trading rules, and country-level factors in determining these outcomes. Results suggest that euro conversion …

We examine how euro conversion affected trading costs and volume in European equity markets. Euro conversion … deteriorated in some markets and improved in others. These effects occurred on both euro and non-euro European exchanges. Our … results are strongly consistent with the hypothesis that euro conversion boosted competition for order flow among the …

economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US … have a statistically but also an economically significant impact on the euro, and to a lesser extent the yen against the US … the appreciation of the euro against the US dollar in recent years. Interestingly, EME policy-makers appear to have become …

The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction … of the euro. Significant development in terms of integration took place in both markets in general to a various degree … but apply more generally to euro securities infrastructure, identifies fields where further action is required. This …

size of euro capital markets and the existing roles of European currencies in international capital markets. This paper … also examines the euro's impact on securities markets, including the role of the ECB, the evolution of the EMU securities …

confronting euro area governments. It suggests that pooling fiscal risks, creating an EU Treasury and issuing jointly-backed euro … advantages and disadvantages of euro bonds and concludes that issuing euro bonds can transform a market that is fragmented along … investors and wealth managers to use euro bond instruments as a tool for payment or transactions needs as well as short …

world level over the last two decades. Section 3 summarises the arguments of how the introduction of the euro should add to … these broader economic forces in reshaping euro financial markets. Section 4 verifies whether the actual experience since …

Euro was not associated with increased integration. Our results do not change when the sample is extended to include the …

Introduction of the euro altered corporate financing markets for the euro zone firms in an unprecedented way. Since … 1999, firms from the euro zone countries are able to raise funds in their home currency in the large common currency market … changes prior to the euro, that correlation has disappeared since 1999. My results reveal that recent growth in European …